A Steel Street resident alerted that a firearm may have been discarded in their neighbourhood has found the gun in their backyard "believed" to be linked to the earlier investigation.
Barrie police had been searching for a firearm following an incident that occurred shortly after 8 a.m., Saturday.
"Five males are currently in custody and will be facing a slew of criminal charges," police said in a tweet shortly before 4 p.m.
Around 10 a.m., Saturday, police issued a plea to east-end residents to check their yards before sending children out to play, particularly in the area of Steel Street, Melrose Avenue, Strabane Avenue, Rodney Street, Cook Street, and Duckworth Street.
"The investigation into this isolated incident is ongoing," Barrie police said in a tweet around 3:30 p.m., about a half-hour after the gun had been located.
The public warning about the firearm was prompted after city police say they received additional information.
No other details about the investigation have been released. More information is expected on Tuesday.